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CC 117 2012
2 euro coin
BU Main coin Bank issue
2 Euro BU
Portugal · 10 years of euro cash
Mintage500,000
Issue date24 Feb 2012
Edge lettering5 Wappenschilde + 7 castles, evenly distributed
Market price€5.50
Issue occasion
The common commemorative coin commemorates the tenth anniversary of the introduction of the euro. At its centre is the euro symbol as an emblem of the currency’s international significance; people, the ECB Tower, ships, factories and wind turbines refer to the financial world, trade, industry, energy, and research and development. The design created by Helmut Andexlinger was selected in a public online vote.
The design
The euro symbol in the centre of the coin illustrates that the euro has become an exceptionally important factor in Europe and worldwide and has developed into a global player in the international monetary system over the last ten years. The design elements arranged around the euro symbol symbolise the importance of the euro to people, the financial world (EZB-Turm), trade (ships), industry (factories), the energy sector, and research and development (wind turbines). The artist’s initials “AH” appear below the image of EZB-Turm. The names of the issuing countries in their national languages are centred above the design, with the dates 2002-2012 embossed below.
The outer ring of the coin features the twelve stars of the European flag.
The outer ring of the coin features the twelve stars of the European flag.
Background on the topic
The reference point for the anniversary is the introduction of euro banknotes and coins on 1 January 2002. The euro had already existed as book money since 1 January 1999. From that point onward, exchange rates were irrevocably fixed, financial transactions could be settled in euros, and the European Central Bank assumed responsibility for the common monetary policy. Cash initially remained in circulation in the respective national currencies.
The common currency dates back to the European Economic and Monetary Union, whose legal foundations were established by the Maastricht Treaty. Participating states had to meet requirements relating, among other things, to price stability, public debt, public deficits and interest rates. The monetary union was intended to eliminate exchange-rate risks and exchange costs within the common market. At the same time, the participating states relinquished the independent determination of their monetary policy.
Twelve countries took part in the introduction of cash in 2002: Belgium, Germany, Finland, France, Greece, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Spain. Their former currencies, such as the D-Mark, franc, lira and schilling, were withdrawn from everyday payments after a generally brief period of parallel circulation. By 2012, the euro area had grown to 17 states. The countries that joined later included Slovenia, Cyprus, Malta, Slovakia and Estonia.
The choice of the anniversary as a common coin theme is explained by the special role of cash in the European integration process: Unlike treaties or institutional reforms, the monetary union directly affects citizens in their everyday lives. Common commemorative issues also make the design of the euro coins visible. They have a common European denomination side, while the other side is generally designed by the respective issuing country.
The anniversary also coincided with the European sovereign debt and banking crisis. Questions concerning budgetary discipline, financial solidarity and the institutional structure of the monetary union therefore shaped the political context of the year of issue.
The common currency dates back to the European Economic and Monetary Union, whose legal foundations were established by the Maastricht Treaty. Participating states had to meet requirements relating, among other things, to price stability, public debt, public deficits and interest rates. The monetary union was intended to eliminate exchange-rate risks and exchange costs within the common market. At the same time, the participating states relinquished the independent determination of their monetary policy.
Twelve countries took part in the introduction of cash in 2002: Belgium, Germany, Finland, France, Greece, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Spain. Their former currencies, such as the D-Mark, franc, lira and schilling, were withdrawn from everyday payments after a generally brief period of parallel circulation. By 2012, the euro area had grown to 17 states. The countries that joined later included Slovenia, Cyprus, Malta, Slovakia and Estonia.
The choice of the anniversary as a common coin theme is explained by the special role of cash in the European integration process: Unlike treaties or institutional reforms, the monetary union directly affects citizens in their everyday lives. Common commemorative issues also make the design of the euro coins visible. They have a common European denomination side, while the other side is generally designed by the respective issuing country.
The anniversary also coincided with the European sovereign debt and banking crisis. Questions concerning budgetary discipline, financial solidarity and the institutional structure of the monetary union therefore shaped the political context of the year of issue.
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